Friday, November 13, 2015

Yesterday when I stumbled upon this old piece of advice from my pal Rick Schwartz I had no idea that today's news (broke by TheDomains) of him selling $12 million worth of domains he acquired for $700, 18 years ago, would prove his point.For those of you who dabble in domains waiting for the end user prince charming to sweep you into wealth, my pal Rick Schwartz has a few choice words:

"We all want to try and understand and sell to the end user. There is a reason the end user is hard to make contact with. The reason I have seen played out dozens of times. Instead of thoughtful deliberation, MOST businesses will jump on the first idea. That is as far is it goes. I think that becomes the base problem. So many just pick the first solution, not the best solution. The first name, not the best name. Instead of thinking of 5 or 10 possibilities, then weeding out the weak ones and finally deciding on the best one……this is NOT the road they use. I am amazed by this huge pitfall that so many have and display. The name of your company may be the single most important thing you do next to the model to make a profit.

Oh yeah, model to make a profit. That component is lacking in oh so many projects. It is not that they could not build it to be profitable, but since they are all in a rush, they just never do it. It’s like the conversation to get and find traffic. Their answer is always…”No problem, we got that covered.” But as we all know, most don’t really have that covered and they are stunned when they are hit in the face with the reality of things.

What’s the damn rush?? That’s all I really want to know. When there is no need to be in a hurry to begin with. It’s not a bad thing to find an answer that is not perfect. It is a bad thing to stop before you find that perfect answer. It is bad because it is lying there. The best answer is always just lying right next to all the others. You just got to dig a little deeper. Look a little wider. Ask some more pointed questions. Do the things that will give you the best and you just may end up with the best. If not, you will still be in the competition by accident. As others stumble with their decisions you just keep gaining on the pack. The longer the race is, the wider your margin of victory. Last time I looked, this is a marathon. The Internet and domain names will be here long after we are all gone. Make the best decisions and the best things will unfold. As the "Great Gratz" used to say......"Never rush when you are in a hurry"